Number: RS22506
Title: Surplus Lines Insurance: Background and Current Legislation
Authors: Baird Webel, Government and Finance Division 
Abstract: The varying state requirements for surplus lines insurance has led to calls for greater harmonization between the states' laws and for federal intervention to promote uniformity. Such federal intervention is the central focus of the Nonadmitted and Reinsurance Reform Act of 2007 (H.R. 1065 and S. 929). In addition, the National Insurance Act of 2007 (S. 40), whose central focus is creation of an optional federal charter for the insurance industry, includes provisions aimed at harmonizing state laws regarding surplus lines insurance. These bills were originally introduced in the 109th Congress, although the National Insurance Act's provisions specifically addressing surplus lines insurance were not included in the previous version. The House passed H.R. 1065 on June 25, 2007, but the Senate has not acted on surplus lines legislation in the 110th Congress.
Pages: 6
Date: June 27, 2007